BP Ventures on Tuesday said it has invested $9 million in its Series A funding round in Gurugram-based electric intercity bus platform Zingbus.
The venture capital arm of British oil and gas giant BP said the startup will use the new investment to scale its operations and grow its team.
Founded in 2019, Zingbus operates a platform that provides frontend and backend digital infrastructure for bus operators, including pricing, fleet management, route optimization services, and a dedicated ticketing marketplace.
“Electric buses in India are cheaper to run than diesel, and with the Indian government aiming to have a 100% electric bus fleet by 2030, we only saw an opportunity to make the transition from ICE to electric more streamlined and affordable. Make life easier and safer for people traveling between cities. ,” said Prashant Kumar, co-founder and CEO of Zingbus.
The company has also signed a commercial agreement with Jio-bp pulse, the electric mobility joint venture between Reliance and BP, to help deploy convenience sites for bus operators on its EV charging network and Zingbus platform.
“Zingbus’ end-to-end tech platform looks set to benefit bus operators and customers by providing an affordable solution for intercity travel. Our investment and commercial agreement with Jio-bp Pulse will help bus operators transition to electric fleets while providing reliable and cost-effective service.” Can,” said Gareth Burns, vice president of BP Ventures.
According to data website Tracxn, Zingbus, which counts Venture Catalyst, Info Edge Ventures, and Titan Capital in its cap table, had $10.4 million as of March 16, 2021.
The investment also comes as the Indian market sees support from EVs including electric buses, government schemes like PM E-DRIVE and consumers looking for sustainable modes of transport.
Tracxn data shows that Zingbus is the market leader in the segment with 53% market share, followed by Fresh Bus with 26% share and NueGo with 20%.